Ola Electric Raises $300 Million at $6 Billion Valuation

Ola Electric is India’s largest electric vehicle manufacturer that revolutionizes urban transportation by providing sustainable and affordable mobility solutions to people across the country. The firm intends to reject petrol and commit to electric vehicles by making sure no petrol two-wheelers are sold in India after 2025.

Ola Electric has secured $300 million in its new funding round, which would bring the electric vehicle maker’s valuation to $6 billion. The fresh funding will be used to increase the company’s electric two-wheeler capacity from 500,000 units to two million units and set up an advanced cell chemistry battery plant for which it is already eligible for incentives under the production-linked incentive scheme.

Ola Electric, Bengaluru, Karnataka, India, was founded in 2017 by Anand Shah and Ankit Jain. The company was owned by Ola Cabs ANI Technologies. In 2019, Ola Electric made its debut in the electric vehicle market with the launch of the Ola Electric scooter. The scooter was designed and developed in-house by Ola Electric‘s team of engineers and designers. In 2019, the company joined the unicorn club.

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